Survey Data Focus Of The Week

The highlight of the week is likely to be consumer and business confidence both released on Tuesday. The main RBA event is not until next week when Governor Bullock speaks on October 18.

• On Tuesday October Westpac consumer confidence is released. The index remains depressed and while it bounced when the RBA held rates in April, it has fallen the last two months despite the RBA continuing to pause. Inflation remains a significant concern to households.
• There will also be the September NAB business survey which has been showing resilience in the economy. The cost and price components have been up in Q3 to date and they will again be watched closely.
• Wednesday sees the CBA’s household spending insights for September released, which has a close correlation with retail sales. Last month it rose 0.7% m/m to be up 2.3% y/y.
• Melbourne Institute consumer inflation expectations for October print on Thursday. They have been trending down since May and eased to 4.6% in September.
• On Wednesday, RBA Assistant Governor (Financial Markets) Kent speaks on the “Channels of Transmission”.
• On Saturday, the vote on proposed changes to the constitution to include indigenous recognition and a voice to parliament takes place. Results should be known that evening.